The year 2023 is about to end. Before the end of this year, there are some tasks which you have to complete at any cost, otherwise you may get into trouble. One of these important tasks is to add nominee in the demat account.
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If you have a demat account and do not have nominee added in it, then definitely complete this work by 31st December, otherwise your account may get frozen.
When is Demat account frozen?
Demat account can be frozen in two cases, regulatory freeze or voluntary freeze. Regulatory freeze occurs when you violate certain guidelines of the Securities and Exchange Board of India (SEBI).
- The account has been inactive for three years.
- If nomination is not completed by December 31, 2023, the account debit will be frozen.
- If mandatory documents like Aadhar Card have not been submitted.
- Voluntary freezing is also allowed if you are unable to access your demat account due to travel or other reasons. Therefore, you can ask the broker to temporarily freeze your demat account until further notice.
Security Exchange Board of India (SEBI) has given time till December 31 to add nominee to demat account and mutual fund account. You do not need to go anywhere to add a nominee in the demat account, you can do this work very easily even while sitting at home.
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Add nominee like this
- To add a nominee in the demat account, you will first have to log in to the account.
- After this, go to My Profile section and go to Nominee Details.
- Now select Add Nominee or Opt Out option.
- After this, fill the nominee details like name, PAN number, address etc. and upload the ID proof.
- Next, enter the nominee’s share in ‘percentage’.
- Then enter the Aadhaar number and e-sign the document through OTP.
- After this, document verification will take place and the nominee will be added in 24-48 hours.
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